Compiled by MarketsFarm
WINNIPEG, July 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Statistics Canada reported on Friday that approximately 60,000 jobs were added in June, which far exceeded analysts’ job growth projections of 20,000. However, with more young people now searching for work the country’s unemployment rate bumped up from 5.2 per cent to 5.4 per cent. StatCan also said June’s gains were driven by full-time work, but wage increases slowed to 3.9 per cent. The good news on the jobs front will likely provide impetus to the Bank of Canada to further raise its key interest rates.
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- The strike at more than 30 British Columbia ports, including Canada’s busiest in Vancouver, entered its seventh day on Friday with no deal in sight. Negotiations between the International Longshore and Warehouse Union Canada and the B.C. Maritime Employers Association ground to a halt on Monday. Now with little hope of talks resuming anytime soon, the governments of Alberta and Saskatchewan joined with business groups in demanding the federal government impose back-to-work legislation. In the meantime, Canadian Minister of Labour Seamus O’Regan urged the two sides to use mediators in restarting negotiations.
- The U.S. Bureau of Labor Statistics reported on Friday that job data for June came up well short of expectations with 209,000 added versus the 225,000 projected. Despite that shortcoming the unemployment rate in the country dipped from 3.7 per cent to 3.6 per cent. While June’s job growth is the smallest gain since December 2019, it still marked 30-consecutive months of increases.
- While on a four-day trip to China, U.S. Treasury Secretary Janet Yellen denounced China’s latest curbs on U.S. businesses. On Friday, Yellen criticized China’s new export controls on minerals necessary to produce computer chips. However, she stated that U.S. export restrictions on advanced technology were driven purely by national security concerns. As relations between the U.S. and China remained at a low point, Yellen is the second major U.S. cabinet member to visit China this year.
